Fund Exec In Facebook Fraud Jailed After Guilty Plea

Law360, New York (October 2, 2012, 6:55 PM EDT) -- A former fund executive was deemed a potential flight risk and jailed Tuesday in New York after he pled guilty to charges that he defrauded investors of $13 million by claiming his fund owned Facebook Inc. stock.

U.S. Marshals took John A. Mattera, who chaired the advisory board of a mutual fund called Praetorian Global Ltd., into custody after U.S. District Judge Richard Sullivan ruled the businessman might attempt to flee before his sentencing.

Two marshals had noticeably tanned Fort Lauderdale, Fla.-resident Mattera doff his tie...
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